Thailand's SET index gained 26.6% year-to-date through August 2025 (+335 points), driven by 22.2% corporate earnings growth and diversified sector performance (energy, electronics, banking, ICT). August saw consolidation (-1.8% monthly) amid global rate pressures, but foreign investors remain net buyers YTD (51.2B baht, 55.3% of traded volume). Valuation remains attractive: Forward P/E 14.3x with 4.3% dividend yield outpacing Asian peers. Trading liquidity surged 62.6% YTD (avg 69.9B baht/day). Q4 support expected from government stimulus, budget acceleration, and high-season tourism.